Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Robbie is a 20 year old dependent who is a full time student. Robbie has $7,800 in income from wages and $8,000 of interest income

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Robbie is a 20 year old dependent who is a full time student. Robbie has $7,800 in income from wages and $8,000 of interest income from bonds inherited from his grandmother. What is the amount of Robbie's Taxable income? Enter your numerical answer under the following format: 1) DO NOT USE A DOLLAR SIGN; 2) DO NOT USE A COMMA SEPARATOR FOR THOUSANDS IF APPLICABLE; 3) ROUND UP ANY FRACTIONAL AMOUNTS, IF APPLICABLE, TO THE NEAREST DOLLAR Caroline is an unmarried single mother of a 14 year old son in 2021. Caroline's spouse and the son's father, Frank, died during 2019. Caroline's Adjusted Gross Income for 2021 is 60,000. Caroline's itemized deductions are $9,000. What is Caroline's computed Income Tax Liability for 2021 BEFORE CONSIDERING ANY TAX CREDITS? You will need to consult the tax rate schedules posted in the content section of D2L. Enter your numerical answer under the following format: 1) DO NOT USE A DOLLAR SIGN; 2) DO NOT USE A COMMA SEPARATOR FOR THOUSANDS IF APPLICABLE; 3) DO NOT USE DECIMALS IN YOUR FINAL ANSWER. ROUND UP TO THE NEAREST DOLLAR ANY DECIMAL AMOUNT. Rachel and Joseph file a married joint return, Joseph is 82 years old and blind. Rachel is 78 years old. What is the amount of their applicable standard deduction FOR 2021? Enter your numerical answer under the following format: 1) DO NOT USE A DOLLAR SIGN: 2) DO NOT USE A COMMA SEPARATOR FOR THOUSANDS IF APPLICABLE. Select the correct order of the line items listed below based on the sequence of their appearance on Form US 1040. Number the items from the lowest number (1) going to the first item to appear on the return and the last number going to the final item from the list to appear on the return. Standard Deduction Non-refundable tax credit > Wages Taxable income Refund or Taxes Due Taxes withheld and quarterly tax payments > Adjusted Gross Income (AGI) Computed income tax before non-refundable tax credits

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Money, Markets And Capital The Case For A Monetary Analysis

Authors: Jean Cartelier

1st Edition

0815355777, 9780815355779

More Books

Students also viewed these Accounting questions

Question

3 When might constructivist view of self be not relevant and why?

Answered: 1 week ago